Domestic stock markets started Friday’s session on a weak note, extending losses to a second straight day, tracking a fall in Asian peers. The S&P BSE Sensex index fell as much as 291.76 points in early trade to 36,726.56, and the broader NSE Nifty benchmark moved to 10,899.40, down 80.6 points from the previous close. Losses in banking, auto and metal stocks dragged the markets lower. Analysts awaited earnings from large cap companies such as State Bank of India, ITC and Housing Development Finance Corporation (HDFC) to report their earnings later in the day.
At 9:18 am, the Sensex traded 204.15 points – or 0.55 per cent – lower at 36,814.17 while the Nifty was down 57.25 points – or 0.52 per cent – at 10,922.75.
Top percentage laggards on the 50-scrip index at the time were JSW Steel, Hero MotoCorp, Hindalco, Vedanta, Tata Steel and Eicher Motors, struggling with losses of between 1.72 per cent and 2.26 per cent.
ICICI Bank, Reliance Industries and HDFC Bank weighed the most on the Sensex.
On the other hand, Bharti Airtel shares rose, a day after the private sector telecom major reported its earnings for the April-June period.
The Sensex and Nifty indexes had finished 1.23 per cent and 1.24 per cent respectively on Thursday.